The Global Deep Learning Market is expected to reach $22.72 billion by 2023, growing at a CAGR of 49.93%
Faster processor performance, large training data size, and sophisticated neural nets are driving the Global Deep Learning Market.
Infoholic Research LLP, a global market research and consulting organization has published a study titled “Global Deep Learning Market: Global Drivers, Restraints, Opportunities, Trends and Forecasts up to 2023”.
Deep learning can be considered as a subset of machine learning and consists of algorithms that allow a software to self-train to execute tasks such as image and speech recognition by exposing multilayered neural networks to bulk data. It can have a profound impact on a wide range of industries including finance, automotive, aerospace, telecommunication and information technology, oil and gas, industrial, defense, media and advertising, medical and others. The increasing research and development activities in this domain is expanding the end use areas for the technology. The factors that contribute to the high market share are parallelization, high computing power, and swift improvements in information storage capacity in automotive and healthcare industries. A few major applications for deep learning systems are in autonomous cars, data analytics, cyber security and fraud detection. It has become imperative for both small and big organizations to analyze and extract meaningful information from visual content. Advanced technologies such as graphic processing unit is highly accepted in the scientific disciplines such as deep learning and data sciences. Valuable insights are extracted from bulk data by using deep learning neural networks to improve customer experience and generate innovative products. The development in artificial intelligence capabilities in natural language processing, computer vision areas and image and speech recognition are driving the growth of deep learning.
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The use cases for deep learning is diverse ranging from detecting gene abnormalities and predicting weather patterns to identifying fraudulent insurance claims, stock market analysis, robotics, drones, finance, agriculture. Deep learning systems have wide applications in the banking and financial sector. They help bank employees expand their capabilities so that they can focus more on customer interactions rather than the regular banking transactions. The deep learning software can offer solutions based on a client’s background and history and can provide evidence and context-based reasoning for almost every problem. Industries worldwide are generating enormous data which require high processing power and this data is being generated at an unprecedented rate and volume. This has created a huge opportunity for deep learning powered applications. A plethora of start-ups are coming up with vertical specific solutions; and global corporations are supporting these start-ups to innovate faster.
The Global Deep Learning Market has been segmented and analyzed by solutions, end-users, applications and regions. The solution segment has been sub-segmented into hardware and software. The sub-segments under end-users include medical, automotive, retail, finance, IT & telecommunications, industrial, aerospace and defence, media and advertising, gas and energy. The various application types analyzed are Image Recognition, Voice Recognition, Video Surveillance and Diagnostics, Data Mining and others.
The regions analyzed in the report are North America, EMEA, Latin America and APAC. North America holds the largest market share followed by Europe and the APAC region. North America is the leading region for deep learning and it is anticipated that the region would continue its dominance during the forecast period owing to the widespread adoption of deep learning technologies across various verticals such as medical, finance, retail, cybersecurity, automotive etc. Europe and Asia-Pacific are the other two important regions in the deep learning market. The EMEA region has received significant investments in advanced AI technologies, machine learning and robotics. Europe has several machine learning start-ups and research hubs. Increase in research and development activities in the APAC region drive the market growth. Deep learning investments are increasing in countries such as India and China. The two countries are the hot bed of several AI start-ups which are conducting research in the field of deep learning and are exploring the possibilies of applying the technology across diverse verticals. China, India and Australia are the major markets in the APAC region.
“The Global Deep Learning Market is experiencing a burst of high growth. The application areas of deep learning algorithms are expanding. The imminent future is expected to experience democratization of deep learning. Deep learning market will gradually move towards mass adoption and will follow a similar growth trajectory as has been witnessed in the case of data visualization, business intelligence and predictive analytics market”- Shayantani Deb Roy, Infoholic Research.
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The report covers the present scenario and the growth prospects of the Global Deep Learning Market during the forecast period (2017-2023). The report provides an exhaustive analysis of the industry, covering the following features:
- The report is analyzed based on components, end-users, application and regions
- The report covers the evolution of deep learning across a gamut of industries, its features, advantages, and importance
- The report analyses the Global Deep Learning Market from a socio-economic perspective. The macro and micro economic factors have been analyzed in the report
- The report covers the drivers, restraints, and opportunities(DRO) in the market impacting market growth during the forecast years
- The report includes detailed vendor profiling, which includes financial health, business units, key business priorities, SWOT analysis, and business strategy
- The report covers implementation and adoption of deep learning in various industries